Falling-Price Stock Tianyuan Pet Receives Warning Letter A-shares raise 1.12 billion, CITIC Securities underwriter

Log in to the Sina Finance APP and search for [Disclosure] to see more evaluation levels.

China Economic Net, Beijing, March 24 – The Securities Regulatory Commission recently disclosed its decision to issue a warning letter to Hangzhou Tianyuan Pet Products Co., Ltd. and related personnel. Hangzhou Tianyuan Pet Products Co., Ltd. (hereinafter referred to as “Tianyuan Pet,” 301335.SZ) held a board meeting on January 14, 2025, and approved the proposal on “Using Part of the Temporarily Idle Raised Funds for Cash Management,” agreeing to use a maximum of 600 million yuan of temporarily idle raised funds for cash management, valid for 12 months from January 14, 2025. After the aforementioned usage period expired, the company continued to use part of the idle raised funds for cash management and did not hold a board meeting for supplementary review until February 6, 2026.

The company’s aforementioned behavior violated Article 11, Paragraph 2 of the “Regulations on the Supervision of Raised Funds by Listed Companies” (CSRC Announcement [2025] No. 10) and Article 3, Paragraph 1 of the “Administrative Measures for the Disclosure of Information by Listed Companies” (CSRC Order No. 226). The company’s chairman and president Xue Yuanchao, board secretary Ye Qing, and chief financial officer Zhang Zhongping failed to diligently fulfill their responsibilities to urge the listed company to standardize the use of raised funds and fulfill information disclosure obligations, violating Articles 4 and 52 of the “Administrative Measures for the Disclosure of Information by Listed Companies” (CSRC Order No. 226).

According to Article 53 of the “Administrative Measures for the Disclosure of Information by Listed Companies” (CSRC Order No. 226), the Zhejiang Securities Regulatory Bureau decided to issue warning letters as supervisory management measures to Tianyuan Pet, Xue Yuanchao, Ye Qing, and Zhang Zhongping, and record it in the integrity file of the securities and futures market.

Tianyuan Pet was listed on the Shenzhen Stock Exchange’s ChiNext Board on November 18, 2022, with a public offering of 22,500,000 shares, accounting for 25.00% of the total share capital after this issuance, at an issue price of 49.98 yuan per share. The stock is currently in a state of breaking its issue price. The sponsor for the company’s initial public offering was CITIC Securities Co., Ltd., with sponsors Gao Ruoyang and Hu Xian.

The total amount of funds raised from the listing of Tianyuan Pet was 1,124,550,000 yuan; after deducting issuance costs, the net amount raised was 1,007,173,000 yuan, which is 417,588,600 yuan more than the original plan. The prospectus disclosed by Tianyuan Pet on November 15, 2022, stated that the company intended to raise 589,584,400 yuan for the Huzhou Tianyuan technology renovation and upgrade project, Hangzhou Hongwang production base construction project, Tianyuan logistics warehousing center construction project, product technology development center construction project, and e-commerce and information technology construction project.

The total issuance costs for Tianyuan Pet amounted to 117,377,000 yuan, of which CITIC Securities Co., Ltd. received underwriting and sponsorship fees of 89,964,000 yuan.

The company passed the 2022 annual dividend distribution plan at the annual shareholders’ meeting held on May 10, 2023, with the specific content of the 2022 annual dividend distribution plan being: based on the total share capital of 90,000,000 shares, a cash dividend of 5 yuan (including tax) will be distributed to all shareholders for every 10 shares, totaling 45,000,000 yuan (including tax), along with a bonus share distribution of 2 shares (including tax), with a capital reserve fund converting 2 shares for every 10 shares to all shareholders.

The following is the original text:

Decision on Issuing Warning Letters to Hangzhou Tianyuan Pet Products Co., Ltd. and Related Personnel

Hangzhou Tianyuan Pet Products Co., Ltd., Xue Yuanchao, Ye Qing, Zhang Zhongping:

Hangzhou Tianyuan Pet Products Co., Ltd. (hereinafter referred to as “the company”) held a board meeting on January 14, 2025, and approved the proposal on “Using Part of the Temporarily Idle Raised Funds for Cash Management,” agreeing to use a maximum of 600 million yuan of temporarily idle raised funds for cash management, valid for 12 months from January 14, 2025. After the aforementioned usage period expired, the company continued to use part of the idle raised funds for cash management and did not hold a board meeting for supplementary review until February 6, 2026.

The company’s aforementioned behavior violated Article 11, Paragraph 2 of the “Regulations on the Supervision of Raised Funds by Listed Companies” (CSRC Announcement [2025] No. 10) and Article 3, Paragraph 1 of the “Administrative Measures for the Disclosure of Information by Listed Companies” (CSRC Order No. 226). The company’s chairman and president Xue Yuanchao, board secretary Ye Qing, and chief financial officer Zhang Zhongping failed to diligently fulfill their responsibilities to urge the listed company to standardize the use of raised funds and fulfill information disclosure obligations, violating Articles 4 and 52 of the “Administrative Measures for the Disclosure of Information by Listed Companies” (CSRC Order No. 226).

According to Article 53 of the “Administrative Measures for the Disclosure of Information by Listed Companies” (CSRC Order No. 226), our bureau decided to issue warning letters as supervisory management measures to the company, Xue Yuanchao, Ye Qing, and Zhang Zhongping, and record it in the integrity file of the securities and futures market. You should strictly comply with relevant laws and administrative regulations, enhance awareness of standardized operations, and prevent similar situations from occurring again. Please submit a written report to our bureau within 10 working days from the date of receipt of this decision.

If you are dissatisfied with this supervisory management measure, you may apply for an administrative reconsideration to the China Securities Regulatory Commission within 60 days from the date of receipt of this decision, or file a lawsuit with a competent people’s court within 6 months from the date of receipt of this decision. The aforementioned supervisory management measures will remain in effect during the reconsideration and litigation period.

Zhejiang Securities Regulatory Bureau

March 17, 2026

(责任编辑：何潇)

Massive information, precise interpretation, all in the Sina Finance APP.